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Sandoval County replaces $135M letter of credit with $100M collateral; New Mexico Bank & Trust outlines acquisition by UMB
Summary
Treasurer Taylor reported a new $100 million letter of credit to meet statutory collateral requirements, and New Mexico Bank & Trust representatives outlined a recent acquisition by UMB Bank and continuity plans for county services.
Treasurer Taylor told the Board of Finance that Sandoval County replaced a $135 million letter of credit that expired Jan. 31, 2025, with a new letter of credit in the amount of $100 million effective Feb. 1, 2025. She said the county can request additional collateral from its bank representatives if balances approach the letter-of-credit amount.
Taylor provided account balances at county depository banks. She reported the New Mexico Bank & Trust general fund at $43.7 million and a tax-payment account balance of $3.3 million; she said the combined total of all NMBT accounts shown in the packet was about $57.9 million. Taylor also reported a Wells Fargo account balance of $45,600, an account with an entity transcribed as "Hemet Valley Bridal Union" at about $149,500, and Century Bank balances totaling about $7.5 million.
Melanie Velasquez, appearing for New Mexico Bank & Trust, said the bank was announced for acquisition by UMB Bank in April 2024 and that regulatory approval was completed Jan. 30, 2025, with a legal Day 1 on Feb. 1, 2025. Velasquez said New Mexico Bank & Trust is now a division of UMB and will continue local leadership and lines of business; she said the conversion target dates for clients are in October 2025. She said the combined entity has about $65 billion in assets and described local deposit levels and lending activity in New Mexico, noting lockbox processing of roughly $18–19 million and more than 24,000 payments processed.
Velasquez said local philanthropy and volunteer efforts will continue under the new ownership and that Tyler Cisneros has joined the team as treasury management lead for public funds.
